DISCOVERY BAY

Discovery Bay Kelowna: Waterfront Resort Condos, Lifestyle & 2026 Investment Outlook

If you’re searching for waterfront condos in downtown Kelowna, Discovery Bay consistently stands out. Located right on Okanagan Lake, this resort-style condo complex blends lifestyle, walkability, and long-term value in a way few buildings can match.

Whether you’re a luxury buyer, downsizer, or long-term investor, here’s the clear, up-to-date breakdown of Discovery Bay — without hype and without outdated info.

What Is Discovery Bay in Kelowna?

Discovery Bay is a waterfront condominium complex located at 1088 Sunset Drive, directly on Kelowna’s downtown boardwalk.

It’s best known for:

• True lakefront positioning

• Resort-style amenities

• Walk-everywhere downtown access

• Strong long-term rental demand

Discovery Bay – Quick Building Stats

This is one of the largest and most established waterfront condo communities in the city.

Discovery Bay Lifestyle: Why People Love Living Here

Discovery Bay feels more like a lakefront resort than a typical condo building.

Key Lifestyle Highlights

• Indoor + outdoor pools

• Hot tubs, sauna & fitness centre

• Private clubhouse & social areas

• Immediate access to the waterfront boardwalk

• Many units with lake, city, or mountain views

• Secure underground parking

For many owners, this is a “lock-and-leave” home that still feels special every time you arrive.

Pet & Strata Considerations (Important)

Discovery Bay does allow pets, but:

• Restrictions vary by strata bylaws

• Size, number, and type rules can change

• Always confirm current bylaws before writing an offer

This is especially important for buyers relocating or downsizing with pets.

Discovery Bay as an Investment Property (2026 Reality Check)

Let’s be clear and current — because outdated info hurts buyers.

Short-Term Rentals (STRs)

• Under BC’s principal-residence rules, Discovery Bay cannot be used as a pure STR investment

• Owners may only operate short-term rentals if:

  • The unit is their principal residence

  • They hold a valid business licence

• Non-owner-occupied Airbnb use is not permitted under current rules

⚠️ There has been discussion about possible exemptions for certain resort-style buildings, but no confirmed approval as of 2026.

Long-Term Rental Outlook (Where the Real Strength Is)

Where Discovery Bay shines today is long-term rental demand.

Why Long-Term Rentals Perform Well Here

• Downtown walkability = tenant demand

• Waterfront lifestyle without waterfront house pricing

• Limited supply of lakefront rental condos

• Strong appeal to professionals, retirees, and relocators

Even without STR income, Discovery Bay remains attractive for:

• Stable tenants

• Lower vacancy risk

• Lifestyle-driven demand rather than speculation

15-Minute Walk: What’s Nearby?

One of Discovery Bay’s biggest advantages is true walkability.

Within a 15-minute walk you’ll find:

• Okanagan Lake beaches & marina

• Downtown boardwalk

• Waterfront Park & Tugboat Bay

• Prospera Place (concerts & events)

• Restaurants, cafes & breweries

• Shopping & services

• Transit routes

For many owners, this means fewer car trips — or no car at all.

Who Is Discovery Bay Best For?

Discovery Bay is a strong fit if you are:

• A downsizer wanting lifestyle + amenities

• A relocation buyer prioritizing walkability

• A long-term investor focused on stability

• A part-time resident wanting lock-and-leave convenience

It’s less ideal if you’re:

• Chasing high-yield Airbnb income

• Looking for a new-build, ultra-modern tower

• Sensitive to resort-style shared amenities

Smart Buyer FAQs 

Can you Airbnb a condo at Discovery Bay?
Only if it’s your principal residence and you are licensed. Pure investment STRs are not allowed under current rules.

Is Discovery Bay right on the water?
Yes. It sits directly on Okanagan Lake with boardwalk access.

Does Discovery Bay allow pets?
Yes, but restrictions apply. Always confirm current bylaws.

Is Discovery Bay good for long-term rentals?
Yes. Downtown waterfront rentals remain in high demand.

What makes Discovery Bay different from other condos?
Resort amenities, lakefront location, and walk-everywhere access.

Final Thought from Mark

Discovery Bay isn’t about chasing trends — it’s about owning a proven waterfront lifestyle in one of Kelowna’s most walkable locations. Buildings like this tend to hold value because they simply can’t be replicated anymore.

If you want a clear read on value, rental potential, or which units outperform others, I’m happy to walk you through it.

Mark Coons, Personal Real Estate Corporation, BBA, CE
Team Lead, Selling Okanagan Group
REALTOR® | eXp Realty Kelowna
Relocated to Kelowna in 2018

📞 778-744-0872
📧 [email protected]